Article for Shalbourne Parish Magazine
There is one word that we hear constantly. In fact, at Hungerford Financial Partners, there is never a day when we don’t hear this little word. It’s what motivates all of us to go to work, sacrifice our free time, burn the midnight oil for that new great business idea, or simply gift money to friends, relatives or our favourite charity.
That word is ‘enough.’
“Do I have enough to retire?” “If we save £XXX per month, will that be enough for the future?” “Mark, I’m worried that my state pension won’t pay enough.” “Dan, can you let me know if my mother has enough for her care home?” “If the worst were to happen to me, I’m anxious about whether my family would have enough.”
‘Enough’ is a relative concept – what is enough for me might not be enough for you. Ten thousand pounds can be more than enough for one person. On the other hand, ten million pounds might not be enough for someone else.
So, is it possible to ever have enough money for the future?
Well, yes, of course it is…but you must determine what that figure will be. That figure is completely dependent on your lifestyle. It is really important that you work out how much money you need to earn, save and invest in order to maintain the lifestyle that you want to live. You can definitely have enough for the future – what is much harder to know is whether you can live the life that you want to and never have to worry about running out of money.
Perhaps the question to ask is: “Can I know for certain that I have enough money for the future, no matter what?”
Again, this is a conundrum that always has an answer… either a yes or a no. There is nothing in between. It sometimes feels scary to get think about that answer but, unless you know it, you won’t be able to plan for the future. You may end up working far too hard, sacrificing things like attendance at important family and life events, and then, when it is too late, realizing you didn’t need to after all.
The best thing about being lifestyle financial planners is that we get to give people an answer to the important, scary questions… and then create a plan for them so that they can always say “Yes, I have enough; and I never have to worry about money ever again.”
Remember, you are unique. There is no one like you. Your lifestyle financial plan should reflect you and only you.
It is a privilege to be able to do this work and help local people.
Written by Dan Gaskin of Hungerford Financial Partners. ‘Hungerford Financial Partners’ is a trading style of Mark Begg Asset Management.